Some tax issues will play out later this year. One of them involves individuals who own businesses and pay the self-employment tax. They pay 12.4 percent of their income in Social Security taxes and 2.8 percent for Medicare, but only on the first $142,800. That cap could be lifted, making all income subject to the self-employment taxes.One strategy is for owners to convert their business from a limited liability company to a subchapter S corporation, which could reduce the self-employment tax, said Edward Reitmeyer, a partner in charge of tax and business services at Marcum, an accounting firm.But it has to …
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